Tag Archives: Aviation

KKR Leads Financing for Greenbriar’s Acquisition of West Star Aviation

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that credit funds and accounts managed by KKR served as lead investors on a debt financing for Greenbriar Equity Group’s acquisition of West Star Aviation (“West Star” or the “Company”).

Since its founding in 1947, West Star has built a reputation as a premier service provider for business aviation. The Company offers comprehensive MRO capabilities across aircraft manufactured by every major OEM and maintains the largest aircraft on ground (“AOG”) technician network nationally, ensuring prompt and reliable mobile repair services. Supported by a deeply knowledgeable and experienced management team, West Star remains focused on delivering excellent customer service and quality.

“West Star is an exceptional business with comprehensive capabilities and a strong customer value proposition that aligns with Greenbriar’s strategy of partnering with market leading aviation and aerospace businesses poised for growth,” said Noah Blitzer, a Managing Director at Greenbriar. “We are grateful for KKR’s support, which will help enable us, alongside management, to continue building on West Star’s legacy as a premier MRO provider delivering high quality service to its customers.”

“We are pleased to support Greenbriar in its acquisition of West Star Aviation, which we believe is well-positioned to expand its market reach in the resilient and growing aviation MRO space,” said Gene Kolodin, a Managing Director at KKR.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Greenbriar

Greenbriar is a middle market private equity firm with 20+ years of experience investing in market-leading services and manufacturing businesses. With $10+ billion of cumulative capital commitments, its investment strategy targets businesses led by experienced management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar’s deep sectoral expertise, strategic insight, and operating capabilities. For more information, please visit greenbriarequity.com.

About West Star Aviation

With more than 78 years of industry experience, West Star Aviation stands as a leading independent Maintenance, Repair, and Overhaul (MRO) provider. Employing over 3,000 professionals, West Star offers comprehensive services from our strategically located full-service facilities in East Alton, IL; Grand Junction, CO; Chattanooga, TN; Millville, NJ; Perryville, MO; and Statesville, NC, as well as multiple satellite locations. The company’s extensive capabilities encompass airframe maintenance, paint, interior, and avionics services, supported by the largest Aircraft On Ground (AOG) technician network in the country, ensuring prompt and reliable mobile repair services nationwide.

Julia Kosygina or Lauren McCranie | Media@kkr.com

Source: KKR

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Boeing to Sell Portions of Digital Aviation Solutions to Thoma Bravo for $10.55 Billion

Thomabravo

Agreement includes principles for data sharing and future collaborations to ensure continuity of operations under Thoma Bravo’s ownership

– Sale strengthens Boeing’s capital structure and allows company to focus on core business, including key continued technical operations

ARLINGTON, Va.—Boeing [NYSE:BA] has entered into a definitive agreement to sell portions of its Digital Aviation Solutions business, including its Jeppesen, ForeFlight, AerData and OzRunways assets, to Thoma Bravo, a leading software investment firm. This all-cash transaction is valued at$10.55 billion.

Boeing will retain core digital capabilities that harness both aircraft and fleet-specific data to provide commercial and defense customers with fleet maintenance, diagnostics and repair services. This digital expertise will continue to provide predictive and prognostic maintenance insights.

“This transaction is an important component of our strategy to focus on core businesses, supplement the balance sheet and prioritize the investment grade credit rating,” said Kelly Ortberg, Boeing president and chief executive officer.

“This enables all parts of the digital portfolio to focus on their strengths,” said Chris Raymond, president and chief executive officer of Boeing Global Services. “Our commitment to meeting our customers’ needs is unwavering as we move forward with our core products and services to support their fleets.”

“We are proud to be investing in such an important technology platform in the broader aerospace and defense industry,” said Holden Spaht, a Managing Partner at Thoma Bravo. “With a heritage dating back to the 1930s, Jeppesen has been at the forefront of technological innovation for nearly a century. We are excited to build on this track record and power its next phase of growth.”

“The business has been through an impressive growth transformation in recent years and has strong momentum,” said Scott Crabill, a Managing Partner at Thoma Bravo. “Thoma Bravo has a long track record of backing leading technology companies in partnership with existing management. We look forward to supporting the company’s standalone growth objectives through strategic investments, operational best practices and a shared commitment to innovation and long-term value creation.”

Approximately 3,900 employees around the globe work in Boeing’s Digital Aviation Solutions organization, which includes elements of the business remaining within Boeing and those included in the sale. Boeing is working with Thoma Bravo to help ensure as seamless of a transition as possible for employees while continuing to meet the needs of customers in accordance with all obligations.

The transaction is expected to close by the end of 2025 and is subject to regulatory approval and customary closing conditions.

Citi is acting as exclusive financial advisor to Boeing, and Mayer Brown LLP is acting as outside counsel. Kirkland & Ellis LLP is acting as legal counsel to Thoma Bravo.

About Boeing
A leading global aerospace company and top U.S. exporter, Boeing develops, manufactures and services commercial airplanes, defense products and space systems for customers in more than 150 countries. Our U.S. and global workforce and supplier base drive innovation, economic opportunity, sustainability and community impact. Boeing is committed to fostering a culture based on our core values of safety, quality and integrity.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$179 billion in assets under management as of December 31, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 520 companies representing approximately US$275 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Caution Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates,” and other similar words or expressions, or the negative thereof, generally can be used to help identify these forward-looking statements. Examples of forward-looking statements include statements relating to the anticipated benefits of the transaction, future collaborations between the parties, and the timetable for completing the transaction, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. Forward-looking statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to general conditions in the economy and our industry, including those due to regulatory changes, the ability of the parties to consummate the transaction, and other important factors disclosed previously and from time to time in Boeing’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

Read the release on the PR Newswire website here.

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Stonepeak Completes Acquisition of ATSG

Stonepeak

WILMINGTON, Ohio — April 11, 2025 – Air Transport Services Group, Inc. (“ATSG”), a global leader in medium widebody freighter aircraft leasing, air transport operations, and support services, today announced the completion of its acquisition by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, in an all-cash transaction with an enterprise valuation of approximately $3.1 billion.

“Today marks an important milestone in ATSG’s journey,” said Mike Berger, Chief Executive Officer of ATSG. “As a private company – and with Stonepeak’s support, as a leading investor in transportation, logistics, and asset leasing businesses – we are well-positioned to enhance our capabilities and sustain ATSG’s long term growth. I look forward to focusing on delivering value for our employees, customers, partners, communities, and other stakeholders. Our employees continue to demonstrate they are the best in the business across all ATSG companies. That, very simply, is what separates us from the rest.”

“ATSG has proven itself to be a leader in global aircraft leasing, with significant scale, strong customer relationships, and an incredibly talented team across all of its businesses,” said James Wyper, Senior Managing Director, Head of Transportation & Logistics, and Head of U.S. Private Equity at Stonepeak. “We look forward to partnering with Mike and the rest of the team to support ATSG in its next chapter as a private company.”

The transaction was announced on November 4, 2024, and received approval of ATSG’s stockholders on February 10, 2025. In accordance with the definitive merger agreement, holders of ATSG’s common shares will receive $22.50 per share in cash. With the completion of the acquisition, ATSG’s common shares have ceased trading and will no longer be listed on NASDAQ.

Goldman Sachs & Co. LLC acted as exclusive financial advisor to ATSG. Davis Polk & Wardwell LLP, Vorys, Sater, Seymour & Pease LLP and Silverberg Goldman LLP acted as legal counsel to ATSG. Evercore acted as financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP acted as legal counsel to Stonepeak.

About Air Transport Services Group

Air Transport Services Group (ATSG) is a premier provider of aircraft leasing and cargo and passenger air transportation solutions for both domestic and international air carriers, as well as companies seeking outsourced airlift services. ATSG is the global leader in freighter aircraft leasing with a fleet that includes Boeing 767, Airbus A321, and Airbus A330 converted freighters. ATSG’s unique Lease+Plus aircraft leasing opportunity draws upon a diverse portfolio of subsidiaries including three airlines holding separate and distinct U.S. FAA Part 121 Air Carrier certificates to provide air cargo lift, and passenger ACMI and charter services. Complementary services from ATSG’s other subsidiaries allow the integration of aircraft maintenance, airport ground services, and material handling equipment engineering and service. ATSG subsidiaries comprise ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; LGSTX Services, Inc.; and Omni Air International, LLC. For further details, please visit www.atsginc.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contact:

ATSG

Quint O. Turner
Chief Financial Officer
Air Transport Services Group, Inc.
(937) 366-2303

Stonepeak

Kate Beers / Maya Brounstein
Corporate Communications
corporatecomms@stonepeak.com
(212) 907-5100

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Blackstone Infrastructure to Acquire Minority Stake in AGS Airports and Invest Behind the Growth of the United Kingdom

Blackstone

NEW YORK – March 28, 2025 – Blackstone (NYSE: BX) announced today that Blackstone’s infrastructure strategy for individual investors has agreed to acquire a minority stake of 22% in AGS Airports (“AGS”), a platform of high-quality freehold airports providing access to key UK markets, from AviAlliance for £235 million.

Blackstone’s investment, together with AviAlliance and PSP Investments, is intended to support the continued growth of the travel and tourism industries across the United Kingdom.

AviAlliance, one of the world’s leading airport investors and operators, will remain the majority shareholder in AGS with a 78% stake.

AGS handles over eleven million passengers annually and is the owner and operator of three critical UK airports: Glasgow and Aberdeen in Scotland and Southampton in England.

Commenting on the announcement, Greg Blank, Chief Executive Officer of Blackstone Infrastructure Strategies, said, “Transportation remains a key thematic focus area for Blackstone, given continued strong global growth in leisure travel. AGS has access to one of the most diversified airline mixes of any major UK airport, and the company’s recent capital improvements aimed at accommodating large aircraft pave the way for new routes and higher traffic growth. We look forward to partnering with AGS to support this important growth in the United Kingdom.”

Sandiren Curthan, Managing Director and Global Head of Infrastructure Investments, PSP Investments, said: “We are pleased to bring Blackstone as a minority shareholder in AGS. Both PSP and Blackstone are like-minded investors with long-term patient capital to support the development of AGS, which will benefit from the operational expertise of AviAlliance.”

Gerhard Schroeder, Managing Director of AviAlliance, said: “We look forward to developing a constructive and long-term partnership with Blackstone for the benefit of AGS, its management and employees, as well as all other stakeholders at the three airports. Together, we will further strengthen the position of AGS in both Scotland and the wider United Kingdom.”

Blackstone Infrastructure has a strong track record of investing in transportation infrastructure, including through Mundys, the world’s largest toll road platform and manager of airports Roma Fiumicino and Ciampino, Signature Aviation, the world’s largest network of private aviation terminals, and ASPI, Europe’s largest toll road platform.

About Blackstone Infrastructure
Blackstone Infrastructure is an active investor across energy, transportation, digital infrastructure and water and waste infrastructure sectors. We seek to apply a long-term buy-and-hold strategy to large-scale infrastructure assets with a focus on delivering stable, long-term capital appreciation together with a predictable annual cash flow yield. Our approach to infrastructure investing is one that focuses on responsible stewardship and stakeholder engagement to create value for our investors and the communities we serve.

Blackstone Media Contact
Matt Thomas
Matthew.Thomas@blackstone.com
+44 20 7451 4480

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Ardian to acquire an additional 10% stake in Heathrow

Ardian

  • 26 February 2025

  • Infrastructure

  • United-KIngdom, London

 6 minutes de lecture

This statement should be read in conjunction with Ferrovial’s statement issued today.

•    Ardian became the largest shareholder of Heathrow on 12th December 2024, acquiring a 22.6% stake from Ferrovial, CDPQ and USS; the acquisition of a further 10% stake would increase Ardian’s ownership to 32.6%.
•    On 12th February 2025, Heathrow launched the largest investment pro-gramme in the airport’s history, with a multi-billion pound plan to upgrade and expand the “UK’s Gateway to Growth”.
•    Heathrow’s strong results today further support the need for a hub airport that has the capacity to ensure sustainable trade, business, and passenger travel throughout the UK and across the world. 
Ardian, a world-leading private investment house, today announces that it has entered into a binding agreement to acquire an additional 10 per cent stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and other TopCo shareholders, including CDPQ (the Transaction).

Ardian completed the acquisition of a 22.6 per cent stake in TopCo on 12th December 2024.

“Since we became the largest shareholder of Heathrow in December, the airport has continued to perform strongly with traffic reaching 83.9 million passengers in 2024.  We are delighted to be working with our fellow shareholders, the Heathrow management team and the UK authorities on our shared ambition to deliver sustainable growth of this iconic infrastructure. Investment in Heathrow will deliver economic benefits across the entire country.
We are passionate about infrastructure and the role it plays enabling growth while supporting the transition to net zero. The Transaction is a further sign of our strong commitment to investing in essential infrastructure in the UK.”
Mathias Burghardt, Executive Vice President, CEO of Ardian France and Head of Infrastructure, Ardian

“There is strong demand for aviation which is underpinning the growth at Heathrow. We believe there are ways to build, expand and grow in a sustainable way and we will explore these with all stakeholders.”
Juan Angoitia, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

The transaction is subject to complying with the right of first offer (ROFO) which may be exercised by TopCo shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company. Full completion of the acquisition under the agreement is also subject to the satisfaction of ap-plicable regulatory conditions.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,850 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a signifi-cant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian was an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.

At Ardian we invest all of ourselves in building companies that last.

Ardian.com

Press contact

Liz Morley

liz.morley@5654.co.uk+44 (0) 7798683108

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Ardian Signs An Agreement for the Acquisition of Goldman Sachs Alternatives’ Stake in AFCO

Ardian

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of the ownership position in Aviation Facilities Company Management, LLC (“AFCO”) previously held by the Infrastructure business at Goldman Sachs Alternatives. AFCO is an independent industry leader in the investment, development, management, and operation of on-airport cargo facilities and other airport infrastructure in the U.S.

Headquartered in Dulles, Virginia, AFCO’s business currently includes more than 3.5 million square feet of airport infrastructure, with 29 properties at 15 airport locations around the U.S. and U.K., including on-airport air cargo warehouses and aircraft apron, ground support equipment maintenance and concession logistics facilities, aircraft maintenance hangars, and a robust pipeline of new development and acquisition opportunities at key airports.

Through this new partnership with Ardian, AFCO will have access to valuable resources and operational expertise, enabling the company to advance its growth strategy, including through targeted acquisitions.

“We are delighted to partner with AFCO and leverage the team’s experience, knowledge and the relationships they have developed over the past three decades in the airport infrastructure space as we continue to build on the company’s strong foundation and accelerate growth. On behalf of the Ardian team, we look forward to working closely with the AFCO management team in this exciting next chapter of partnership”. Stefano Mion, Co-Head of Infrastructure Americas and Senior Managing Director, Ardian

“This investment builds on our strategic initiative to expand into the infrastructure and aviation market. Ardian launched this initiative over ten years ago and has since held and exited investments in London Luton and 2i Aeroporti and, most recently, made a significant investment in Heathrow to become the airport’s largest shareholder. AFCO is the ideal partner as we continue to expand our industry footprint around the world, particularly in the U.S. and the broader Americas region, and focus on acquiring strategic infrastructure assets with a proven track record.” Leonarda Orani, Managing Director, Ardian

“We are delighted to have partnered with AFCO since 2018 to support the company as it accelerated its growth and strengthened its position as a leader in on-airport cargo warehousing in North America, demonstrating resilient infrastructure characteristics as the market environment evolved,” (…) “Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise.  We wish the management team and Ardian success on the next phase of their journey.” Teresa Mattamouros, Managing Director in Infrastructure, Goldman Sachs Alternatives

“We appreciate the supportive partnership we have had with Goldman Sachs Alternatives over the past seven years. We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners” (…) “As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.” Chuck Stipancic, CEO, AFCO

The closing of the transaction is subject to customary closing conditions.

DC Advisory served as a financial advisor and Gibson Dunn served as legal counsel to Ardian. RBC Capital Markets, LLC and Eastdil Secured, LLC served as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Goldman Sachs Alternatives.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AFCO

AFCO has more than thirty-years of experience in aviation and airports and is a recognized leader in the investment, development, management and operation of airport support infrastructure. With broad, best in class capabilities and deep experience, AFCO provides an unparalleled level of service, comprehensive and innovative solutions and value to their clients including airports, municipalities, commercial and cargo airlines, aircraft maintenance, repair and overhaul service providers, general and corporate aviation and a wide variety of other airport users.

aviationfacilities.com

ABOUT INFRASTRUCTURE AT GOLDMAN SACHS ALTERNATIVES

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024. Established in 2006, Infrastructure at Goldman Sachs Alternatives has invested $16 billion across 40 portfolio companies since its inception. The business has a long track record of investing across the key sectors of infrastructure, including energy transition, digital infrastructure, transportation & logistics and circular economy.

Follow us on LinkedIn.

am.gs.com

Media Contacts

ARDIAN

H/ADVISORS ABERNATHY

ardian@h-advisors.global

Goldman Sachs

Joseph Stein

Joseph.Stein@gs.com+44 207 774 4080

AFCO

Chuck Stipancic

cstipancic@aviationfacilities.com

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PAI Partners enters into exclusive negotiations to acquire a majority stake in Alvest

PAI Partners

PAI Partners, a pre-eminent private equity firm, has entered into exclusive negotiations to acquire a significant stake in Alvest, the global leader in the production, distribution and services of airport Ground Support Equipment (“GSE”). Upon completion of the transaction, PAI will become the largest shareholder in Alvest alongside a co-investor, with Ardian retaining a minority stake alongside the company’s founders and management team.

Since its founding in 2001, Alvest has grown to be a key player in the GSE market, providing high quality, innovative and sustainable products and services for the aviation industry. Alvest’s portfolio is tailored to meet the specific needs of airlines, airports and ground-handling companies, with a focus on improving efficiency, safety and sustainability within aviation operations. This includes the design, manufacturing and distribution of airport GSE, the distribution of spare parts and accessories, maintenance and associated services activities, as well as the deployment of decarbonisation and automation solutions for aviation on the ground.

Headquartered in France, Alvest has more than 3,500 employees worldwide, a global proprietary sales and after-sales network, and 10 industrial factories in the US, Canada, France, Belgium, UK, India and China, which together serve customers in over 167 countries and provide associated services in more than 250 airports.

PAI’s investment will support Alvest’s next phase of expansion and innovation, leveraging the firm’s deep expertise in the General Industrials sector. The partnership will focus on enabling Alvest to accelerate the transition to electric GSE and continue to grow the product and service offering, including enhancing resilient servicing activities, fleet management systems and maintenance services.

Valentin Schmitt, CEO of Alvest, said: “The whole Alvest Management Committee is very pleased that investors of the calibre of PAI are partnering with us, and that Ardian will continue to support us in our development. This vote of confidence continues to support our development ambitions, which remain focused around the quality of our products and services, as well as the satisfaction of our customers. We thank CDPQ and Sagard for the valued relationship and contribution to the strong development of Alvest over the past years.”

Laurent Rivoire and Albin Louit, Partners at PAI, said: “We have tracked Alvest’s progress for many years. Today, we are delighted to have the opportunity to partner with Alvest’s exceptional management team to support the company in its next phase of growth. Leveraging its global leadership in Ground Support Equipment and its unique set of technologies and services, Alvest is well placed to help make aviation leaner and greener. We look forward to working with the management team to deliver on this ambition.”

Alexandre Motte, Co-Head of Co-Investment and Senior Managing Director at Ardian, said: “We have known Alvest and its management team for many years, having been shareholders from 2006 to 2013 and since 2018. We are very excited to partner with Alvest in this new phase of its development and thank the Alvest leadership for their trust.”

The transaction is expected to close during the summer, subject to customary regulatory approvals.

Contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has more than €28 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €25 billion in proceeds from over 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond.
Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About Ardian

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.
www.ardian.com

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Yingling Aviation Acquires Global Engineering & Technology, Inc.

Ae Industrial Partners

cquisition further expands Yingling’s strategic footprint in Wichita, KS with additional capacity and strong expertise across the full spectrum of aircraft interior services

WICHITA, Kan.–(BUSINESS WIRE)–Yingling Aviation (“Yingling”), a leading, full-service provider of maintenance, repair, and overhaul (MRO) and fixed-base operation (FBO) services to business and general aviation aircraft, today announced that it has acquired Global Engineering & Technology, Inc. (“GETI”), an aircraft interiors service provider based in Wichita, Kansas. The financial terms of the transaction were not disclosed.

Founded in 1991, GETI specializes in aircraft interior design and restoration and has fabricated interiors for over 4,500 business aircraft to-date. With this acquisition, Yingling will gain access to GETI’s proven capabilities and track record of excellence across the full spectrum of aircraft interior repair and design services, including cabinet restoration, upholstered panel recovering, new furniture production, and seat recovering and refurbishment. Additionally, Yingling will continue to expand its Wichita footprint, with GETI’s over 60,000 square feet of facility space further strengthening capacity for growth.

“Integrating GETI into our operations will allow us to greatly increase our scope of work for interior renovations while accelerating client turnaround times,” said Bob Rasberry, CEO, Yingling Aviation. “Having collaborated closely with GETI over the years, we have firsthand knowledge of the quality of their team and its outstanding reputation across the industry.”

“Together, we have the potential to unlock real synergies by combining our knowledge and experience in interior fabrications with Yingling’s deep maintenance and repair expertise,” said Kurt Smith, President of GETI. “We look forward to working closely with the Yingling team as we integrate our organizations, diversify our customer base, and bring our comprehensive capabilities to market.”

“The acquisition of GETI marks another milestone in our strategy to build a unique independent MRO platform with deep operating experience and technical expertise to serve the business aviation market,” added Jon Nemo, Managing Partner at AE Industrial Partners. “The range of services GETI provides is a natural complement to Yingling’s MRO business and will allow us to unlock new growth opportunities together.”

About Yingling Aviation

Yingling is a full-service maintenance, repair, and overhaul (MRO) and fixed-base operations (FBO) business located at Dwight D. Eisenhower airport in Wichita, Kansas. Yingling has extensive capabilities from nose to tail, including airframe maintenance, avionics, interiors, paint, propellers, and parts sales in support of a diverse range of business and general aviation airframes. Learn more at www.yinglingaviation.com.

About Global Engineering & Technology, Inc.

Global Engineering & Technology, Inc. (GETI) is a premier provider of aircraft interior solutions based in Wichita, Kansas. Offering the industry’s most versatile and luxurious selection of custom furniture, cabinetry, and upholstery, GETI specializes in enhancing and modifying aircraft interiors. Committed to quality and innovation, the company excels in both new cabin installations and refurbishments, delivering tailored solutions that meet each client’s unique needs.

About AE Industrial Partners

AE Industrial Partners is a private investment firm with $5.6 billion of assets under management focused on highly specialized markets including national security, aerospace and industrial services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

Media Contact:
Stanton Public Relations
Matthew Conroy
(646) 502-3563
aeroequity@stantonprm.com

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Ardian becomes Heathrow’s largest shareholder as acquisition completes

Ardian

This statement should be read in conjunction with Ferrovial’s statement issued today and its statements issued on November 28th 2023 , January 16th 2024  and June 14th 2024, and by Ardian on November 29th 2023 and June 14th 2024.

•    Ardian becomes the largest shareholder of Heathrow Airport as transaction to acquire 22.6% stake completes
•    Ardian will support Heathrow to deliver sustainable growth

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of a 22.6% stake in FGP Topco Ltd (TopCo), the holding company for Heathrow Airport Holdings Ltd, from Ferrovial SE and certain other TopCo shareholders (the Transaction). Concurrently, PIF has acquired 15% of TopCo from the same shareholders through a separate vehicle.

“We are extremely proud to become part of the Heathrow family. Heathrow is an iconic global infrastructure asset, and this transaction marks another milestone moment for Ardian. We are passionate about infrastructure and the role it plays enabling growth and supporting the transition to net zero. We intend to support the Heathrow management team as they work to achieve both goals, growing the airport sustainably over the years ahead.” Mathias Burghardt, Executive Vice-President and Head of Infrastructure, Ardian

“The UK is a priority market for Ardian, and this transaction builds on our 17-year track record of successful infrastructure investments in the country. Our investment in Europe’s leading airport and the UK’s international gateway will draw on Ardian’s expertise in aviation, including previous investments in London Luton Airport and stakes in six airports in Italy. And it is another example of how we are delivering Ardian’s strategy of investing in significant infrastructure in our core markets. We delighted to be part of Heathrow’s future and committed to helping it grow sustainably.” Juan Angoitia Grijalba, Co-Head of Infrastructure Europe and Senior Managing Director, Ardian

“Heathrow is a vital national asset connecting the UK to the world and driving prosperity in every corner of the country. We’re delighted to welcome Ardian and PIF as new shareholders and investors in Heathrow’s future. We have a Board of experienced infrastructure investors committed to our long-term development and growth, supporting our strategic journey to make Heathrow an extraordinary airport, fit for the future.” Lord Deighton, Chairman of Heathrow Airport Holdings LTD

“Our number one mission is to deliver economic growth in every part of the UK to improve living standards. Attracting investment to our shores supports that goal. That’s why this investment matters. It’s also a strong vote of confidence in the UK, and comes on top of the £63bn of investment secured from international investors earlier this year, showing Britain is back in business.” Rt Hon Rachel Reevs, Chancellor of the Exchequer

“This huge investment in Heathrow is a massive vote of confidence in our world leading aviation sector. Seeing global investors put billions in the UK economy shows we are an investment destination of choice. Our Plan for Change will aim to secure more fantastic investment like this to deliver long-term, stable growth that supports skilled jobs and raises living standards across the country.” Rt Hon Jonathan Reynolds, Secretary of State for Business and Trade

List of participants

  • Participants

    • Ardian team: Juan Angoitia Grijalba, Alexis Ballif, William Briggs, René Hauzeur, Philippe Tallon, Edouard Bertagna, Matthias Hübener, Aurea Alvarez
    • M&A: Bank of America, RBC, Goldman Sachs, Santander
    • Legal: Clifford Chance, DLA Piper
    • Financial Due Diligence: KPMG
    • Traffic Due Diligence: Infrata
    • Regulatory Due Diligence: NERA

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing our people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian is an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

Ardian

Liz Morley

liz.morley@5654.co.uk+44 (0) 7798683108

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Blackstone Credit & Insurance Announces Over $1 Billion in New Financings to Support Recapitalization of Jet Support Services, Inc., a Portfolio Company of GTCR and Genstar Capital

Blackstone

New York – December 10, 2024 – Blackstone Credit & Insurance (“Blackstone”) and Jet Support Services, Inc. (“JSSI”) today announced over $1 billion in new financings to support the recapitalization of JSSI, the world’s largest independent provider of hourly cost maintenance programs for business aircraft engines, auxiliary power units, and airframes. Funds managed by Blackstone have now provided over $1.8 billion of debt financing and an investment in the common equity in a series of financings for JSSI, a portfolio company of leading private equity firms GTCR and Genstar Capital.

These strategic financings will enable JSSI to strengthen its capital structure, enhance its operational capabilities and continue its growth trajectory in the business aviation sector. Blackstone has been a long-time investor in JSSI since 2015, and these transactions exemplify the firm’s commitment to growing with companies in its credit portfolio.

“JSSI has consistently demonstrated its leadership in the aviation maintenance and technology sector, and we are proud to continue our capital support for them and to partner in the equity with premier sponsors like GTCR and Genstar,” said Brad Colman, Senior Managing Director at Blackstone. “These financings not only underscore our longstanding investment in JSSI but also highlight how Blackstone can grow with world-class companies as they mature. Our position as a scaled capital provider allows us to deliver tailored solutions for both sponsors and corporates.”

“We have enjoyed a great partnership with Blackstone for close to 10 years. We’re excited about the opportunities this latest transaction presents,” said Neil Book, President and CEO of JSSI. “These financings will enable us to further enhance our capabilities, accelerate growth, and deliver even greater value to our customers.”

About Blackstone Credit & Insurance
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

About Jet Support Services, Inc. (JSSI)
Founded in 1989 and headquartered in Chicago, JSSI is the leading independent provider of hourly cost maintenance (HCM) programs for business aircraft engines, airframes, and auxiliary power units (APUs). JSSI’s HCM programs cover over 300 different makes and models of business aircraft, including jets, turbo-props and helicopters.

JSSI has constructed a portfolio of complementary business lines that support owners, operators, and maintenance providers across the entire lifecycle of ownership, including parts procurement, maintenance tracking software, aircraft financing, and advisory services. With 6,000+ aircraft supported by maintenance programs and software platforms, JSSI leverages this wealth of data, scale, and innovation to drive cost savings and provide custom solutions that align to the interests of each client, regardless of aircraft platform. Learn more at jetsupport.com.

Contact
Thomas Clements
646.482.6088
Thomas.Clements@blackstone.com

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